Sensex down 39 points amid cautious trades

With the mood rather cautious ahead of the US Federal Reserve’s monetary policy outcome, due later in the day, the market continues to stay sluggish. Also, after previous session’s sharp upmove, investors appear keen on booking some profits at several counters.At present, activity is mostly stock specific with corporate news providing some direction. The Sensex is down 39.30 points or 0.12% at 29,403.33, after having advanced to 29,500.08 around mid morning. The Nifty50 of the National Stock Exchange, which rose to 9105.35, is now at 9081.80, down 5.20 points or 0.06% from its previous close. Idea Cellular is trading more than 8.5% up thanks to sustained buying at the counter after the company announced attractive new plans. BHEL is up 3.3% after the company said that its first 800 megawatts supercritical thermal power plant has started commercial operation. The company said in a filing to the stock exchanges that it has commenced commercial operation of its first 800 megawatts (MW) unit – highest-rating coal-based supercritical thermal power plant. Bank of Baroda is gaining 3.3%. Grasim Industries, Tata Power, Aurobindo Pharma, Reliance Industries, State Bank of India, Hero Motocorp and Kotak Bank are up 1% – 2%.JSW Steel is trading 1.3% up after the company said its crude steel production rose 25% to 12.65 lakh tonnes in February 2017 over February 2016. JSW Steel said its total production of flat-rolled steel products rose 23% to 8.96 lakh tonnes in February 2017, over the same month last year. Meanwhile, total production of long-rolled steel products rose 8% to 2.50 lakh tonnes last month. McNally Bharat is gaining more than 6% after the company said it has secured an order worth about Rs 415.29 crore from Andhra Pradesh Power Generation Corporation.Talwalkars Better Value Fitness Limited shares are up 5.3% after the company said that it has signed an MoU to acquire equity shares of Force Fitness India, India’s third largest gym and the exclusive master franchisee in India of ‘Snap Fitness Inc.’.

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